Fintech platform MProfit said it has raised $2 million in funding from Zerodha’s Rainmatter, Enam Holdings, Gruhas Proptech, Auxano Capital and Samarthya Investment Advisors.
The Mumbai-based startup was founded by Kiran Shah, Pallav Bhat, Atik Shah, Ashin Shah and Manish Jain in 2009. It offers portfolio management services, allowing investors to aggregate their investment portfolios across asset classes and brokers.
Nithin Kamath, founder & CEO, Zerodha & Rainmatter said, “We are happy to partner with MProfit as they are solving the challenge of enabling investors and wealth professionals to track multi-asset investments in one place. Consolidating one’s investment data across platforms can be tedious, and MProfit is helping significantly automate this.”
The company claims its tech reduces the manual effort by investors, family offices, financial advisors and chartered accountants, by reading trade files such as contract notes from more than 700 stockbrokers and mutual fund statements.
MProfit lets users to auto-import transaction data from different brokers and standardizes data from disparate sources, to provide portfolio insights such as annualised returns (XIRR), asset allocation and capital gains for tax filing.
With the new funding, the company plans to fast-track deployment of new initiatives and roll out new features including advanced performance reporting, tracking for international assets and API integrations.
“A key motivation for us to build MProfit is rooted in our belief that in India, the concept of tracking investments as a family is very important. Investors generally like to track not only individual portfolios but also their family’s overall returns in one place”, said Kiran Shah, cofounder and CEO.
The company offers its software for portfolio management to investors, HNIs and family offices as well as to wealth professionals such as RIAs, CAs and financial advisors. Those investing less than Rs 50 lakh can use the software for free. The price ranges between Rs 200 a month for individuals with investments worth more than Rs 1 crore, to Rs 5,000 a month for family offices with bigger portfolios.
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